Dual Citizen (US/Canada) implications of having signing authority on private corporation accounts

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
tgmalino
Posts: 1
Joined: Sun Feb 03, 2019 6:17 pm

Dual Citizen (US/Canada) implications of having signing authority on private corporation accounts

Post by tgmalino »

Good day,

I work for a small Canadian private corporation in Canada (which is subsidiary of British company). I am a dual citizen of US and Canada and regularly file with the IRS, including the annual FBAR. Due to recent organizational changes my employer has asked that I become the main point of contact/signing authority for the financial accounts, lawyers, accountants, etc.

I would NOT be in an Officer/VP/Director, but remain as a "Lead Engineer". I do not have any shares or have any ownership in the company.

Are there any implications for my US taxes? FBAR? Any extra forms I need to fill out? Are there any risks I would be taking by agreeing to this?

Thank you for your help!
Post Reply